Manali Petrochemicals announced that the company has entered into Memorandum of Understanding (MoU) with the Government of Tamil Nadu to invest upto Rs 5 billion over the next three to five years in projects for expansion of the Polyol capacity and a power project with the facilitation and support from the government.

Earlier, the company announced a sharp rise in standalone net profit for the quarter ended June 2015. During the quarter, the profit of the company rose 2.15 times to Rs 147.34 million from Rs 68.58 million  in the same quarter last year. 

Revenues for the quarter rose marginally 4.47% to Rs 1,698.69 million, compared with Rs 1,626 million for the prior year period.

Operating margin for the quarter stood at 11.98 percent  as compared to 7.32 percent for the previous year period.  Operating Income for the quarter was Rs 203.54 million, compared with Rs 118.962 million in the previous year period.

Shares of the company gained Rs 1.05, or 4.92%, to settle at Rs 22.40. The total volume of shares traded was 367,291 at the BSE (Friday).